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sorry! I just realized that the property was in the name of our revocable trust with my husband & me as the trustees. Does that make a difference in the reporting of the sale? And after his death, I needed legal help with the trust. Are those legal fees deductible?
The reporting would depend upon the terms of the governing instrument (the trust).
You should consult with a local legal and/or tax professional who can review those terms.
thanks, guess I'll have to do that.
I inherited a home in 2005. My stepmother who was not on the deed was given a life estate. She passed in 2021. Is my stepped up basis 2005 or 2021? Thanks.
My thought is since she did not on the deed you inherited it in 2005 so that is the step up date. What happened since then is you allowed the person to live in the home probably rent free. But you may want to check with a local attorney about that since in some states the wife technically inherits the property or rights to the property even if they are not on the deed.
I agree mostly with @Critter-3.
What you inherited in 2005 was a remainder interest in the property @judiwadley and that interest would receive a stepped up basis, but check with an attorney in your state.
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